Unsecured personal loans vs. secured personal loans

Unsecured personal loans

There are lots of different types of loans in finance, but most loans will fall into one of two categories; secured personal loans, and unsecured personal loans.

An unsecured loan is when you don't have to provide an asset as collateral to get the loan - which often includes a vehicle or a house.

Secured personal loans

A secured loan is where you put up an asset (like a vehicle or house) as collateral for a loan, similar to lodging a bond when you rent a property. The asset can be repossessed if you miss too many loan repayments and default on your loan.

Unsecured loans through Harmoney

Harmoney offers unsecured personal loans from up to $50,000 on 36 or 60 month terms. We don’t require you to put up an asset as collateral. If you are looking for a finance option with transparent fees and repayment periods, then a personal loan through Harmoney could be right for you.

Calculate your personal loan repayment term

Use our personal loan repayment calculator to see how a personal loan could help you to finance the things you need.

Harmoney’s rates and fees

All personal loans have fixed personalised interest rates, customised to your specific circumstances, not everyone else’s. We’re totally open about what our fees are, and we don’t have any sneaky fine print; so you won’t get stuck with a payment plan that you can’t afford. All loans are subject to an Establishment Fee, and if you always make your payments on time, in full, the Establishment Fee will be the only fee you pay.

Take a look at our full schedule of allinterest rates and fees.

What to use an unsecured loan for

If you’re looking to prepare your house for sale and want to make a few improvements to your property, or looking to upsize your family car, an unsecured loan through Harmoney could help. You can use your personal loan to fund just about anything: